Parkwood LLC Purchases New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Parkwood LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 38,570 shares of the software maker’s stock, valued at approximately $11,589,000. Cadence Design Systems accounts for about 1.3% of Parkwood LLC’s investment portfolio, making the stock its 20th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Ancora Advisors LLC lifted its holdings in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co purchased a new position in Cadence Design Systems in the fourth quarter worth $39,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems in the fourth quarter worth $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems in the 4th quarter valued at $50,000. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CDNS. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday. Mizuho lifted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $322.54.

Cadence Design Systems Stock Up 2.2%

CDNS opened at $318.66 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a market cap of $87.01 billion, a PE ratio of 82.55, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a 50 day moving average of $267.19 and a 200 day moving average of $285.60.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the company earned $1.17 earnings per share. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now owns 7,411 shares of the company’s stock, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,577 shares of company stock worth $5,316,411 in the last quarter. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.